They use the exact year of the oil crisis on their title. There was nothing financial about that one, it's entirely on the real part of the economy.
Yes, something happened on the early 70's. But that article is a biased gathering of disconnected evidence surrounded by a story that was set independently of any of that evidence and doesn't even make sense. It is still useful to point people to the problem, but it would be incredibly more useful if there were an actually good source we could use.
All the work done by wage earners when the US dollar was backed by gold alone was more valuable than the gold itself.
Even after the federal gold confiscation of the 1930's, maybe more so eventually because of increased productivity.
The vast majority of that wealth not only remained in the US, but was leveraged toward greater production in the US.
This led to increasing prosperity, and back when the system was half a century closer to being of the people, by the people, and for the people, prosperity was truly felt by the vast majority of people more than what you get today.
Half the charts on the site were fully predictable the day they turned the dollar into fiat currency.
As the value of the dollar declined, the work done by the wage earners became worth less than the gold their dollars were worth, and far less than when still backed just a few years earlier. Even though they were doing the same jobs for the same pay in US dollars so it didn't seem so bad at the time.
This was a serious reversal.
US consumers were manipulated from participants in a producer economy, into targets of an extractive economy.
